JSW Cement IPO opens August 7 with reduced issue size. Here are all the details

JSW Cement, the Sajjan Jindal-led cement arm of the JSW Group, is set to launch its Rs 3,600-crore IPO on August 7, scaling down from its earlier Rs 4,000-crore target, with institutional anchor bookings opening a day earlier.

Backed by Apollo Global and Synergy Metals, JSW Cement’s public offering will remain open until August 11, with shares expected to list on the BSE and NSE on August 14. Allotments will be finalized by August 12, per the company’s latest red herring prospectus.

The IPO comprises a trimmed-down fresh issue of Rs 1,600 crore—Rs 400 crore less than originally planned—and an offer for sale by investor shareholders worth Rs 2,000 crore. Proceeds from the fresh issue will be used to fund a new cement unit in Nagaur, Rajasthan (Rs 800 crore), repay debt (Rs 520 crore), and meet general corporate expenses.

Founded in Mumbai, JSW Cement operates seven plants with a grinding capacity of 20.60 MMTPA and a clinker capacity of 6.44 MMTPA as of March 2025. The company aims to nearly double these figures to 41.85 MMTPA and 13.04 MMTPA, respectively, through ongoing greenfield and brownfield expansion.

JSW Cement competes with established industry players like UltraTech Cement, Shree Cement, Ambuja Cements, Dalmia Bharat, and JK Cement.

Sudhir Maheshwari-led Synergy Metals Investments Holding—one of JSW Cement’s private equity backers—is part of a mining fund launched by the ex-ArcelorMittal executive in 2015.

The company’s IPO had faced delays after its initial August 2024 filing, with SEBI putting it on hold in September. Final clearance came in January 2025.

JM Financial, Axis Capital, Citigroup, DAM Capital, Goldman Sachs India, Jefferies, Kotak Mahindra Capital, and SBI Capital Markets are acting as book-running lead managers.